Australia Sees Consequences for Exports as Economies Contract
Australia’s Treasurer Wayne Swan said contractions in the economies of the nation’s trading partners will have consequences for exports.
The economy of Japan, which accounts for about one-quarter of Australia’s exports, contracted by 4 percent in the March quarter, Swan said today in an e-mailed note. In the first three months of the year Hong Kong contracted by 4.3 percent, Singapore by 3.9 percent and Taiwan by 1.1 percent, he said.
“These figures demonstrate what we’re up against with this global recession,” Swan wrote in the note no qualifying payday advance. “The sharp contractions in our major trading partners will have big consequences for our exports here at home.”
Export earnings are expected to fall by A$50 billion ($39 billion) in 2009-2010, compared with the current year, Swan said. That would be the largest fall in more than 50 years if realized, he said.
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